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Aramco Reports 2018 Net Income of $111.1 Billion

Aramco Reports 2018 Net Income of $111.1 Billion

Thursday, 13 June, 2019 - 05:45
An Aramco oil tank is seen at the production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia, May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
Dammam - Asharq Al-Awsat
Saudi Aramco reported on Wednesday a net income attributable to shareholders of $111.1 billion in 2018, up from $75.9 billion the year before, according to a statement from the company.

Aramco said total revenues were at $355.9 billion in 2018, up from $264.2 billion, as oil prices improved. Total assets jumped to $358.9 billion in the same period, from $294 billion in 2017.

In April, Aramco got its first-ever credit ratings following 2018 earnings that dwarfed those of international oil majors.

Credit rating agency Fitch said in April that Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion last year, surpassing ExxonMobil, the world's largest listed oil firm.

On April 10, Aramco said that it raised $12 billion from its debut international bond issue, which was split into five tranches. The bonds have maturities ranging from three to 30 years.

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